Fiven Annual Report 2021 Throughout the pandemic, our values guided us: we kept our teams safe by procuring personal protective equipment, establishing on-site testing protocols, and working remotely when possible. Today, all our employees are vaccinated against COVID-19 through on-site doctors and partnerships with local health departments. I am pleased to report that these measures and the discipline of our employees worked to prevent a significant outbreak of COVID-19 at our sites. I would also want to thank all our teams for their continued work to improve safety in our plants. We are approaching five accident-free years at our Belgian plant and have achieved an accident-free year in Brazil and Norway. This is a significant and vital step towards our goal of zero accidents. No one at Fiven should have to risk their health on the job. The year 2021 was also turbulent commercially and operationally. At the beginning of the year, we saw a considerable increase in demand as the macroeconomic environment has improved from the fourth quarter of 2020. The sudden increase in demand combined with the ongoing impact of the pandemic on supply chains made it very difficult for our teams to meet our customers' expectations. We have significantly benefited from our commercial team's close relationships with our customers during this time. They succeeded in aligning the requirements of our many groups of customers and ensuring that they were met as closely as possible on time. We were also able to increase production output to an unprecedented level. We managed to modernize and successfully restart our plants in Venezuela. We experienced increasing cost pressure for energy and raw materials during the year. As a consequence, it was necessary for our sales team to adjust sales prices to mitigate major cost changes observed. In order to expand our activities, we founded FIVEN North America Inc. in Pittsburgh, PA this year. We started with a Development Office which most likely will be followed up with a warehouse. A production facility is not yet planned. I am proud to report that after a subdued start to the year, Fiven achieved strong sales, EBITDA, and cash in 2021. Having taken a proactive position early in the pandemic by adjusting production and following up on cost and prices, Fiven's efforts paid off with a 28% increase in sales and 22% growth in Adjusted EBITDA. Another major success for our company was refinancing our outstanding bond by issuing a new sustainability-linked bond listed on Nasdaq Nordics. This important milestone underscores our goal of becoming a more sustainable company. We had Fiven assessed for sustainability by EcoVadis and received the silver medal for achieving this goal. The silver rating places Fiven in the top 25% of all companies evaluated by EcoVadis. After only two years of existence as an independent company, this is a remarkable result and will lead to further improvements and annual assessments. In December, we also launched an ambitious environmental project in the Brazilian state of Minas Gerais. We are in the process of planting over 100,000 trees on our property in Barbacena, most of which are native to their surroundings. This will expand our existing forest of 400,000 trees and contribute to local biodiversity. While it may take a little longer for our economy to fully recover, we are confident that we won't ever forget the lessons learned from the pandemic. Our two-pillar strategy delivered strong results before the crisis. It is proving to be resilient during the pandemic, and we are confident that it will continue to serve us well in the future. I want to take this opportunity to thank all our partners and investors for their trust and cooperation. We are thrilled to have you on board and are grateful that you've decided to help us achieve our goals. Falk Ast Chairman of the Board Fiven ASA The impact of COVID-19 on our global economy has been the most difficult challenge the world has faced in recent years. As COVID-19 kept affecting the lives and livelihoods of so many, I am proud of the resilience and commitment of our employees, who performed exceptionally well in 2021. Last year, we weathered many challenges and never lost our footing. This has made us more adaptable to future hurdles because we know that Fiven is strong when it sticks together. Strong commercial performance amid dynamic market developments 9
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